UK Freezes Over 100 MFM Bank Accounts, Gives Reasons
- The UK Charity Commission has frozen more than 100 bank accounts linked to the Mountain of Fire and Miracles Ministries International (MFM) after finding serious lapses in financial governance
- Investigators said MFM trustees failed to properly manage funds across over 90 UK branches, with independent accounts operated without oversight or timely income reports
- The commission has issued a regulatory plan to strengthen MFM’s governance, ensuring stricter compliance and better accountability in future operations
The United Kingdom’s Charity Commission has frozen more than 100 bank accounts belonging to the Mountain of Fire and Miracles Ministries International (MFM), citing serious financial mismanagement within the organisation’s UK branches.
The decision followed a years-long investigation into the Nigerian-founded church over alleged misappropriation of charity funds and weak internal controls.
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The commission said the trustees failed to exercise proper oversight of the organisation’s finances despite its rapid expansion across the United Kingdom. MFM, founded by Nigerian pastor Daniel Olukoya, operates more than 90 branches in the UK and serves a large diaspora congregation.
Trustees failed to manage over 100 accounts
The inquiry, which began on March 27, 2018, under Section 46 of the UK Charities Act 2011, uncovered extensive governance lapses.
According to the commission’s report, over 100 bank accounts were opened and managed independently by local branches, often without informing the central leadership.
These accounts reportedly operated outside the charity’s established financial framework, with income reports either delayed or missing entirely.
The investigation further revealed that some branches made major financial decisions such as purchasing or leasing properties without trustee approval. In certain cases, properties were used without proper planning permission, exposing the organisation to legal disputes.
Poor record-keeping and the absence of formal employment contracts also led to costly settlements in employment-related cases.
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Charity commission takes regulatory action
The Charity Commission concluded that donor funds were at risk due to the absence of effective oversight and financial accountability.
In response, an interim manager was appointed on August 1, 2019, under Section 76(3)(g) of the Charities Act to restore order and implement essential financial controls.
The interim management lasted until September 13, 2024, when the commission confirmed significant progress had been made and later froze the remaining assets to safeguard donor money.
Amy Spiller, Head of Investigations at the Charity Commission, said: “The rapid growth of a charity comes with correspondingly larger potential risks, as our inquiry clearly shows.
In this case, the trustees’ fundamental failure to maintain financial controls meant donor funds were at serious risk across their entire network.” She added that the trustees were now better placed to maintain financial responsibility following regulatory oversight.
The regulator has since issued a compliance plan directing MFM to strengthen governance structures and improve its financial reporting mechanisms.
The commission confirmed that the trustees have cooperated and are expected to operate under stricter financial supervision moving forward.
As of press time, MFM’s leadership and its founder, Daniel Olukoya, have not issued an official statement regarding the commission’s findings. Attempts to reach Olukoya’s media aide, Collins Edomaruse, for comment were unsuccessful.
MFM’s Dr Olukoya ordains 5,000 ministers
Earlier, Legit.ng reported that the General Overseer of Mountain of Fire and Miracles Ministries, Dr Daniel Olukoya, had ordained 5,000 ministers at the 2025 Global Ministers Conference.
The three-day programme, which ended on Sunday, was themed “The Message, the Messenger, and the Power” and featured ordination, teachings, specialised sessions and prayer sessions.
Source: Legit.ng
